It may come as a surprise, but for many Americans, the greatest fear about retirement isn’t aging—it’s outliving their money. According to the latest Allianz Center for the Future of Retirement study, 64% of Americans say they worry more about running out of money in retirement than they worry about death. This annual survey continues to reveal the deep financial anxiety that surrounds life after work.
Not saving as much as you’d like? You’re not alone
Despite this overwhelming concern, 62% of respondents admit they aren’t saving as much for retirement as they would like. Inflation is a major contributing factor, with 54% saying the rising cost of living is fueling their fear of financial instability later in life. The inability to save enough is often rooted in the financial pressures of everyday life. The majority of survey participants say that expenses related to daily necessities take precedence over retirement savings. Credit card debt is another significant barrier, with many Americans struggling to balance high-interest payments with long-term financial goals. Housing costs, whether rent or mortgage payments, also continue to limit the ability to set aside funds for the future.
As Americans live longer and navigate the risks of market volatility and rising costs, planning for a retirement that could last 20 to 30 years is no small feat. Kelly LaVigne, Vice President of Consumer Insights at Allianz Life, emphasized that a strong retirement strategy involves more than just a savings goal. It also needs to include a plan for turning accumulated assets into reliable, lasting income. In other words, how you plan to use your money in retirement is just as important as how much you save.
Core concerns about retirement security
The survey also reveals other core concerns about retirement security. After inflation, Americans worry that Social Security won’t provide enough financial support and that high taxes will erode their income. These fears are especially pronounced among Generation X, with 70% of Gen Xers expressing anxiety about running out of money—the highest level of concern across all age groups. Millennials are not far behind, with 66% sharing the same fear. Interestingly, baby boomers display a slightly lower level of concern, likely because many of them have already entered retirement and have more clarity around their financial situation. However, inflation remains a top issue for boomers as well, with 61% citing it as a major threat to their retirement security.
What’s especially telling is that despite this widespread fear, very few Americans are taking steps to address it. Only 23% of those surveyed said they have spoken to a financial professional about their concern of running out of money. That’s actually a decline from 28% in 2024. The drop may be due to uncertainty, lack of access, or simply not knowing where to start—but whatever the reason, avoiding the conversation doesn’t make the fear go away. In fact, it may be contributing to it.
You deserve clarity in your retirement plan
At Market Advisory Group, we believe your retirement plan should offer more than a lump sum or a ballpark estimate. It should offer clarity, confidence, and a sustainable income strategy designed to support you throughout every stage of retirement. From adjusting for inflation and tax impact to creating a dependable income stream, working with a professional can help you face the future with less fear and more peace of mind.
If you’re among the many Americans who worry about running out of money in retirement, you’re not alone—and you don’t have to navigate that fear on your own. A thoughtful, personalized retirement strategy can make all the difference. Schedule a complimentary consultation with our team today and take the first step toward building a plan that helps your money last a lifetime—so you can focus on enjoying retirement, not fearing it.
The commentary on this blog reflects the personal opinions, viewpoints, and analyses of the author, Katherine Sullivan. Katherine Sullivan is not an investment adviser representative of Foundations. However, Foundations does have an investment adviser representative at Market Advisory Group. This content should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), nor as a reflection of the performance returns of any Foundations client.
The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.